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EURONET WORLDWIDE INC earnings calls

EEFT · every analyst question and management's answer

Oct 27, 2026 earnings call — Revised 2026 outlook amid cross-border weakness

Company revised 2026 revenue to approximately $4.375 billion and adjusted EBITDA to $725 million, and expects adjusted EPS growth of approximately 10%.

Revenue $1.2B (est $1.2B) · EPS $3.55 (est $3.66)

Key quotes

"To that end, our digital accelerator revenue grew 30% in the quarter and 33% year-to-date."

— Michael J. Brown (CEO·CHAIR) · Digital accelerators growth

"We continue to experience significant pressure in our cross border payments business driven primarily by US immigration policy changes along with pockets of broader macroeconomic uncertainty that have impacted all 3 segments to varying degrees."

— Michael J. Brown (CEO·CHAIR) · Cross-border pressure

"During the quarter, we repurchased approximately 690 thousand shares for $50 million"

— Michael J. Brown (CEO·CHAIR) · Capital and liquidity

Analyst Q&A 7

Diebold deal and 2026 outlook

Q (Rayna Kumar · Oppenheimer): They asked why Euronet partnered with Diebold and how the economics look. They also asked how much of the 2026 outlook cut is from US remittances, weak economy, or FX and whether the new forecast assumes stabilization or possible further decline.

A: Management said the Diebold tie gives Euronet a clear entrance into a large US bank market because Diebold already sells to those banks and Euronet has deep ATM operations experience. They said the partnership is a natural fit and helps banks cut costs, be more efficient and add product capabilities. On the 2026 outlook, management expects subtle improvement into Q4 and sees the market as delicate but not worsening recently.

"No. No. We have anticipated that, you know, based on looking at our recent trends is that we will continue to see some subtle improvement." — Rick L. Weller (CFO)

Current cycle vs past and CoreCard sales

Q (Chris Kennedy · William Blair): He wanted perspective on the current environment versus past cycles. He also asked for an update on CoreCard sales and the sales pipeline.

A: Management said the environment is similar to what they described earlier but with added geopolitical and economic pressure. They noted cross-border remittances were once 38% of revenue and are under serious pressure in the US. On CoreCard, they said they are tracking to replace lost Apple-related revenue, have closed several deals since acquisition, are selling in the US and overseas, and have bundled a stablecoin product with their offerings.

"our cross-border remittances, you know, used to account for used to account for 38% of our company of our revenue." — Michael J. Brown (CEO·CHAIR)

Hardest cross-border corridors

Q (Mike Grondahl · Northland): He asked which cross-border corridors are the most challenging now and which will be hardest going forward.

A: The transcript does not show any management answer to this specific corridors question. No executive response about corridor details appears in the provided text.

European ATM traffic and fleet size

Q (Mike Grondahl · Northland): He asked whether European travel-related ATM spending can be turned around and what Euronet can do to drive more transactions. He also asked if the total number of ATMs in Europe shrank.

A: Management said there is little they can do to change how much travelers spend once on vacation, but they can relocate ATMs to better spots. They are expanding into new, cash-intensive non-European markets where ATMs are more profitable per unit. They said the European ATM fleet size is relatively stable.

"I think the reality is we cannot really do that much." — Michael J. Brown (CEO·CHAIR)

Digital pricing and ROI

Q (Darrin Peller · Wolfe): He asked about digital profitability: underlying pricing trends and how ROI on digital has evolved amid more competition.

A: Management said they have not seen a real change in ROI for digital. They said pricing is down year-over-year about 2% to maybe 3%, and on a gross profit basis the decline is closer to 1% to 1.5%. They described this modest price pressure as normal for a scalable business.

"We have not seen any real change in our ROI on our digital, you know, consistent on the pricing front, I would say on a year over year basis, we were, in, let's say, about 2% to maybe 3%." — Rick L. Weller (CFO)

2026 guidance, Steam cards, IAD channel

Q (Gus Gala · Monness, Crespi, Hardt): He asked if 2026 should be treated as a rebase year or if the 10%–15% target still holds, whether most cross-border pain is in the independent agent (IAD) channel and how the 2% IAD assumption fits, and how much Steam gift card losses will be offset by new GTA sales.

A: Management said Steam's strategy change will hit more in Q4 but other gaming products should ramp and backfill epay over time. They said they do not set revenue guidance by a single title and expect some offset but with a ramp. On the 10%–15% framework they think the range remains possible but they would be on the lower end, with cross-border pressures persistent but appearing to stabilize; they said an IAD improvement around 2% is plausible but they would not be more aggressive than that.

"I would say, you know, based right now, I would I do not see that the 10% to 15% is out of the question." — Rick L. Weller (CFO)

Q4 outlook assumptions and digital growth

Q (Josh Levin · Autonomous): He asked whether the revised Q4 outlook requires underlying cross-border improvement or can hold if the recent run rate continues, and whether digital transaction growth is from new customers or migration of existing customers.

A: Management said about three-quarters of digital customers are new to the franchise, so growth is mostly new customer acquisition, with some migration. For Q4 they expect subtle improvement similar to Q3 over Q2 and are not expecting deterioration; they rely on stability or modest gains rather than further weakness.

"About 3-fourths of our digital customers are new to the franchise." — Rick L. Weller (CFO)

AI-generated notes on the earnings call transcript. Quotes are taken from the transcript. This is not a FolioObs investment view.

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